IPO WATCH: ISS Readies Jumbo Danish Deal, Canal Plus Starts IPO
17 Fevereiro 2011 - 2:26PM
Dow Jones News
Danish cleaning group ISS Holding A/S said it is planning what
would be the country's largest initial public offering since 1994,
while Canal Plus France made preliminary filings for a Paris IPO
that is expected to raise at least EUR1 billion for the selling
shareholder.
ISS Holding said it aims to raise about DKK13.3 billion ($2.42
billion) in new shares and an undetermined amount of existing
shares, making it the biggest Danish offer since the government
privatized TDC A/S (TDC.KO) in a $3 billion share sale 17 years
ago. A secondary offer of shares held by a group of private equity
firms that went on to own TDC raised $3.7 billion in December.
ISS's owners, EQT Partners and Goldman Sachs Group Inc. (GS),
had considered selling the company privately last year to Apax
Partners for around $8.5 billion but in January ended those talks
in favor of an IPO. A management roadshow will start within the
next 10 days or so.
Copenhagen in the past year has been among Europe's strongest
markets for IPOs, with a well-received offer for jeweler Pandora
A/S (PNDORA.KO) that raised $1.7 billion in October and a $907
million deal from food ingredients maker Chr. Hansen Holding A/S
(CHR.KO) in June that has also traded up.
In Paris, Canal Plus France Thursday said it has filed a
registration document with the French stock market regulator, as it
reported a 3.1% rise in 2010 revenue to EUR3.96 billion. The
company is 80%-owned by Vivendi SA (VIV.FR). Lagardere SCA
(MMB.FR), the 20% stakeholder, has been looking to offload the
stake through an IPO since failing to interest Vivendi in buying it
last year.
And in the U.K., Justice Holdings Ltd. (JUSH.LN), a cash shell
that aims to buy a company with an enterprise value of between GBP1
billion and GBP7 billion, raised GBP900 million Monday in a placing
at GBP10 per share. Relying heavily on the name recognition and
contacts of its three founders, Justice has left wide open the type
of company and geography it will target. The founders are
billionaire investor Nicolas Berggruen, Bill Ackman, founder of
hedge-fund group Pershing Square Capital Management, and Martin
Franklin, chairman and chief executive of consumer company Jarden
Corp. (JAH).
Berggruen and Franklin previously used a cash shell called
Liberty International Acquisition Cor. to buy U.K. life insurer
Pearl Group, now called Phoenix Group Holdings (PHNX.LN).
Elsewhere, IPO bankers said more deals are expected in coming
months from Russia, despite choppy market conditions last week that
led to the cancellation of two deals and the downsizing of a third.
One of those, from Russian iron ore producer Metalloinvest, has
been mandated to Deutsche Bank AG (DB), Bank of America Merrill
Lynch (BAC) and Credit Suisse Group (CS), a person familiar with
the matter said.
And a EUR5 billion capital increase from Porsche Autombil
Holding SE (PAH3.XE) is in process, with Deutsche Bank and Morgan
Stanley (MS) handling the transaction. The deal, which Porsche
previously said it wants to complete by May 30, is part of an
effort to reduce debt and merge with Volkswagen AG (VOW.XE).
-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451;
margot.patrick@dowjones.com
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